zdl_cryptofandomcom-20200214-history
Overstock
Basics * From Forbes Blockchain 50 (Apr 16, 2019): "The online discount store became the first major retailer to accept bitcoin in 2014. Founder and CEO Patrick Byrne, a libertarian with a Ph.D. in philosophy, is so convinced that blockchain will change the world that he is trying to get out of the retail business altogether and is already remaking Overstock into something of a crypto-obsessed company. Most notably, he has used $200 million in Overstock’s cash to fund Medici Ventures, a subsidiary which has invested in 19 blockchain companies. Full profile" * The first major retailer to accept bitcoin as payment long before Microsoft and Dell came along. * Counterparty got hired by e-commerce giant Overstock.com to develop a new stock market platform powered by cryptocurrency technology. * E-Commerce giant Overstock has started release its security token 'tZERO'; the tokens are being released through security token exchange TZERO; the company raised $134M out of a set cap of $250M; investors now have the option of choosing where to hold their security tokens, either by creating a brokerage account with Dinosaur Financial Group * Has said it will use/build on Ethereum, RVN, Florin and Bitcoin Team, investors, etc. * Jonathan E. Johnson III; CEO, Johnson, who has been with the company for 17 years, also serves as the president of Medici Ventures, the Overstock subsidiary that focuses on blockchain innovation. * Patrick Byrne was the CEO. He left the company (8-2019) in a weird scandal involving a relationship with a Russian agent. ''“Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as CEO and board member, effective Thursday, August 22.” ''On the heels of Byrne’s resignation, Overstock announced that Jonathan E. Johnson III would be stepping in as interim CEO. Update (20-9-2019): Byrne sold 13% of his Overstock stock and claims to be in a struggle with The Deep State at the SEC. * Promoted Joel Weight to chief operating officer (COO) of Medici Ventures, the company’s blockchain venture fund. He succeeds Steve Hopkins, who recently resigned as COO and general counsel to become a president of tZERO, Medici’s long-awaited security token trading market. Hopkins’ move was part of a deal in which tZERO also acquired 100% of another Medici portfolio company, the crypto exchange and wallet provider Bisty, for $12 million. Bitsy was previously owned by Medici, Hopkins and his father-in-law Richard N. Beckstrand. Medici owns 80 percent of tZERO and treats the startup with special attention, hence its deployment of Hopkins to lead the platform. All of this is going on as Overstock CEO Patrick Byrne is trying to sell the company’s flagship online retailing business to raise cash for Medici’s investments. * Stanton Huntington, previously associate general counsel for Overstock, will take over as Medici’s general counsel * "Ravencoin which launched on January 3rd, 2018, was primarily funded through Overstock’s Medici Ventures. To this day, the core developers are still associated with Medici, and Overstock’s placement of ‘Millions of Dollars’ into Ravencoin allows the association of meaningful value with the launch." * Is a sponsor of Coin Center Category:Companies/Organisations